• You will no longer be subject to South African tax on your worldwide income and capital gains, but only on your income and gains from South African sources.
• You will be able to access and transfer your retirement funds, such as pension funds or retirement annuities, from South Africa, subject to certain conditions and taxes.

Financial emigration from a tax perspective is the process of notifying SARS that you are no longer a tax resident of South Africa. You will have to submit a tax return for the year of assessment in which you cease to be a tax resident and pay any taxes due. You will also have to obtain a tax clearance certificate from SARS, which confirms that you have no outstanding tax liabilities or obligations.

You can apply for tax emigration online through eFiling or at a SARS branch. You need to complete the tax emigration form (RAV01) that is available on the SARS website.

Before you apply for financial emigration, you will have to settle or arrange for the settlement of your liabilities in South Africa, such as loans, mortgages, credit cards, or taxes. You will also have to decide what to do with your assets in South Africa, such as immovable property, investments, bank accounts, or retirement funds.

You have the following options for your assets in South Africa:

• You can sell or dispose of your assets and transfer the proceeds from South Africa, subject to tax regulations.
• You can keep your assets in South Africa and manage them as a non-resident, subject to tax regulations.
• You can transfer your assets to a trust or a company in South Africa, subject to tax regulations.

If you decide to transfer your assets or funds from South Africa, you will have to comply with the following limits and approvals:

• You can transfer up to R10 million per calendar year as a foreign capital allowance, subject to tax clearance from SARS.
• You can transfer up to R1 million per calendar year as a single discretionary allowance, without tax clearance from SARS, but subject to certain conditions and declarations.
• You can transfer more than R10 million per calendar year as a special foreign capital allowance, subject to tax clearance from SARS and special approval from the National Treasury.